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<ul><li>Taking a jibe at the advertisement released by the Centre defending the <keyword id="6123679" type="COMPANY" weightage="20" keywordseo="farm-bills">Farm Bills</keyword>, former Finance Minister <keyword id="107675" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P.Chidambaram</keyword> on Tuesday said that the <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">farmers</keyword> need many thousand markets all over the country and not just one.</li><li>The advertisement, which appeared in the newspaper said: "One Nation, One Market, will give freedom to the farmers."</li><li>Commenting on this, <keyword id="6362104" type="LOCATION" weightage="20" keywordseo="chidambaram">Chidambaram</keyword> tweeted, "Government has released advertisements defending the Farm Bills. One line in the advertisement says that 'One Nation One Market' will give freedom to the farmers.</li></ul> Taking a jibe at the advertisement released by the Centre defending the Farm Bills, former Finance Minister P.Chidambaram on Tuesday said that the farmers need many thousand markets all over the country and not just one. The advertisement, which appeared in the newspaper said: "One Nation, One Market, will give freedom to the farmers." Commenting on this, Chidambaram tweeted, "Government has released advertisements defending the Farm Bills. One line in the advertisement says that 'One Nation One Market' will give freedom to the farmers. "85 per cent of farmers are small farmers with little surplus to sell. If they have to sell the few bags of paddy or wheat, they need many thousand markets all over the country, not one market." "What do the Bills do to create thousands of farmers' markets in large villages and small towns? Thousands of markets will give freedom to the farmers," he added. The former Finance Minister questioned the intention of the government to guarantee the MSP, "Why is there no clause in the Bills that stipulates that the 'price shall not be less than the MSP' for that produce?" The Upper House gave the nod to The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020, on Sunday even as the opposition MPs shouted slogans and created a ruckus during the passage of the Bills. Some lawmakers even staged a walkout in protest. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/angel-broking-600-crore-ipo-opens-today-heres-what-works-for-it-and-what-doesnt/articleshow/78248335.cms">Angel Broking ₹600 crore IPO opens today: Here’s what works for it and what doesn’t</a>

Farmers need thousands of market and not one, says former Finance Minister

Economy close to collapse: Chidambaram in RSNew Delhi, Feb 10 () Former finance minister PChidambaram on Monday tore into the Modi government's handlingof the economy, saying it was close to collapse and was beingattended by "very incompetent doctors."Initiating the debate on the Union Budget for 2020-21 inRajya Sabha, he said rising unemployment and fallingconsumption was making India poorer.Stating that the government refuses to admit itsmistakes, he listed demonetisation of old 1000 and 500 rupeenotes as well as hurried implementation of the Goods andServices Tax as "monumental blunders" that ruined the economy."It is living in denial," he said, adding the economicgrowth has fallen for an unprecedented six consecutivequarters. ANZDV DV

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<ul><li>India’s Ministry of <keyword id="66017" type="ORGANIZATION" weightage="20" keywordseo="Statistics">Statistics</keyword>, in conjunction with government think tank, Niti Aayog, released a back-dated series of <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> data on 28 November. </li><li>The data showed that growth under the previous <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> government between 2004-05 and 2013-14 was less than what the current BJP-led administration has achieved over the last four years. </li><li>The government has said the latest data takes into account wider changes in the primary, secondary and tertiary sectors of the <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> as well as different data sources and methods of calculation. </li><li>The timing of the release is significant as India prepares to go to polls next year, and crucial state elections in Rajasthan and Madhya Pradesh are underway. </li></ul>India’s Ministry of Statistics and Programme Implementation (MoSPI), in conjunction with government think tank Niti Aayog, released a <a href="http://www.mospi.gov.in/sites/default/files/press_release/Press-Note-28Nov2018.pdf">back-dated series of GDP data</a> on 28 November. The report has raised more than a few eyebrows as it showed that growth under the previous Congress government between 2004-05 and 2013-14 was less than what the current BJP-led administration has achieved over the last four years. The average annual growth under the first four years of the Congress government’s first tenure between 2004-05 and 2008-09 was pegged at 6.7%, compared to an original estimate of 8.1%. In addition, growth under the Congress government’s second tenure between 2009-10 and 2013-14 was also downgraded to 6.7%, this time from an original estimate of 7%. Meanwhile, growth under the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> government between 2014-15 and 2017-18 has been estimated at 7.4%. The move comes three years after the government <a href="https://www.thehindu.com/business/Economy/new-gdp-data-with-201112-as-base-year-in-january/article6557219.ece">changed the base year </a>for calculating GDP growth from 2004-05 to 2011-12 in order to “better reflect the economy by adding more sectors”, according to the Pronab Sen, the former chairman of the National Statistical Commission (NSC), which is housed under the MoSPI. The latest report actually contradicts a set of data released <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=181956">in August 2018</a> by the Committee on Real Sector Statistics, which was appointed by the NSC. In its report, the committee found that growth under the Congress government’s two tenures, at 8.4% and 7.7%, respectively, was higher than under the BJP-led government in the last four years. As expected, these findings proved to be <a href="https://timesofindia.indiatimes.com/business/india-business/10-1-gdp-growth-report-moved-out-of-ministrys-main-site/articleshow/65497024.cms">controversial</a>, with the Rajiv Kumar, the vice-chairman of Niti Aayog, reiterating that the data was <a href="https://niti.gov.in/content/gdp-series-revision-clarifications-vice-chairmans-desk">“unofficial”</a>. In response to these numbers, Kumar said that the latest report was more in sync with the international system of economic accounting. What explains the revision of data? Like most things, there a number ways to approach the calculation of statistics and hence, it isn’t a stretch to imagine that methodologies can be tailored to suit certain outcomes. The government has said the latest data takes into account wider changes in the primary, secondary and tertiary sectors of the economy as well as different data sources and methods of calculation. For example, growth estimates in the agriculture and mining industries, which fall under the primary sector, were less than what had originally been calculated. In addition, the benchmark estimate for the telecom sector was changed from the number of telecom subscribers to the total minutes of usage, while the RBI’s contribution to growth in the financial services sector was given lower weightage. This served to reduce estimated growth in the tertiary sector during the Congress’s tenure. Election ploy? The timing of the release is significant -- India is preparing to go to the polls next year, and crucial state elections in Rajasthan and Madhya Pradesh are underway. The participation of Niti Aayog, which usually doesn’t dabble in the calculation of economic growth, has also raised concerns that the release of the latest GDP data is politically-driven. P. Chidambaram, the former Finance Minister during the Congress years, made his distaste for the new data quite clear: 
 
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 Whether the report is politically-driven or not, the central government will likely tout its superior management of the economy in an attempt to sway voters. Barbs will be traded over the accuracy of the data and people will choose to believe what they want to believe. What should be noted, however, is that the new data has no bearing on the direction the economy is headed in currently. SEE ALSO: <a href="https://www.businessinsider.in/indias-gdp-growth-forecast-just-got-downgraded-by-moodys-heres-why-that-matters/articleshow/64397592.cms">India’s GDP growth forecast just got downgraded by Moody’s. Here’s why that matters</a> <a href="https://www.businessinsider.in/india-was-the-worlds-fastest-growing-economy-for-first-3-months-of-2018-but-theres-a-catch/articleshow/64413852.cms">India was the world's fastest growing economy for first 3 months of 2018, but there’s a catch</a>

India’s BJP-led government has released a set of revised GDP data that dramatically reduces growth during the previous administration’s tenure

Economy not in trouble; green shoots visible:FMNew Delhi, Feb 11 () Finance Minister NirmalaSitharaman on Tuesday said the economy is not in trouble andgreen shoots are visible with the country moving towards a USD5 trillion economy.Listing initiatives taken by the government, she said,increasing Foreign Direct Investment (FDI), rise in factoryoutput and over Rs 1 lakh crore GST collection in the pastthree months are indications of green shoots in the economy."There are seven important indicators which show thatthere are green shoots in the economy...economy is not introuble," she said while replying to a debate on the UnionBudget in Lok Sabha. Referring to visible indicators of green shoots, theFinance Minister said the forex reserve is at an all time highand the stock market is upbeat."Global sentiment is in favour of India. Foreigninvestors continue to show confidence in India and that is whythe country has attracted a net FDI of USD 24.4 billion inApril-November 2019-20 as against USD 21.2 billion in the sameperiod the previous year," she said.Net Foreign Portfolio Investment (FPI) in April-November2019-20 was positive at USD 12.6 billion as against USD 8.7billion in the same period last fiscal.She further said the gross GST (Goods and Services Tax)revenue collected in January 2020 grew at 12 per cent while inNovember 2019, it was 6 per cent."So there is a steady growth and therefore negativegrowth, which it showed in September and October, has beencorrected and we are on a positive growth trajectory and thiswill obviously bring in greater and newer investments to theeconomy and it will also reduce the business cost," she addedThere are seven green shoots based on which the economynow very clearly moving forward, she added.The Finance Minister said the government's focus is onfour engines of growth which include private investment,private consumption, public investment and exports.With regard to public investment, she said, thegovernment in December announced a National InfrastructurePipeline.It envisages investment of Rs 103 lakh crore forinfrastructure development across the country in the next fouryears (till 2024-25), she said.To boost consumption, the government has increased theMinimum Support Price of all mandated Rabi and Kharif cropsfor 2019-20.The Minister also took a dig at Congress leader PChidambaram while referring to the fiscal deficit numbersduring the UPA regime.The fiscal deficit was higher "when the economy wasmanaged by competent doctors," she quipped.Chidambaram on Monday said in the Rajya Sabha that the"economy was perilously close to collapse and was beingattended by incompetent doctors."Sitharaman in Budget raised fiscal deficit target to 3.8per cent of the GDP from 3.3 per cent pegged earlier for 2019-20 due to revenue shortage.The government has used 'escape clause' under the FiscalResponsibility and Budget Management (FRBM) Act which providesit leeway for relaxation of fiscal deficit roadmap during timeof stress.Replying to the opposition charge of the governmentovershooting fiscal deficit target prescribed in FiscalResponsibility and Budget Management (FRBM) Act, she said theNarendra Modi government has always respected FRBM Act everyyear and kept the discipline of FRBM Act.Referring to various initiatives to boost consumption,she said government has increased Minimum Support Price,introduced pension scheme for traders, lowered GST ratesabolished Dividend Distribution Tax and corporate tax. RRJTR DP CSDV DV

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(Image Credit- IANS) <ul><li><keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword>, the governor of the Reserve Bank of India, has resigned from his post on the central bank’s board. </li><li>Reactions from officials range from ‘I told you so’ to commending the governor’s tenure in office. </li></ul>Twitter exploded with reactions within minutes of Urjit Patel, the governor of the Reserve Bank of India (RBI), announcing his resignation from his post on the board, citing ‘personal reasons’. Urjit Patel had earlier threatened to resign from the RBI with the widening rift between the government and the Reserve Bank of India — especially over the question of the central bank’s autonomy — it was reported that both parties had ultimately reached a ‘truce’. While some had speculated that the governor would resign, nobody had the exact date on their cards and the decision rolled in a little earlier than expected. With the general elections around the corner, reactions from politicians and fellow academicians flew in — ranging from support over Patel’s decision to how the current government is creating a hostile environment that’s not conducive for efficient decision-making. <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>: ‘Urjit Patel leaves a great legacy, under his leadership, the RBI brought financial stability’ 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/718314968102367232/ypY1GPCQ_normal.jpg" favoritecount="10119" retweetcount="2356" status="Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic is… https://t.co/DyZUxKIXPv" createdat="1544444710000" id="1072104938908508161"></div>



















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 <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>: ‘Wish Dr. Patel all the very best’ 
 
 
 
 
 
 
 
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 Congress: ‘Another one bites the dust’ 
 
 
 
 
 
 
 
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 Subramanian Swamy: ‘It is a direct consequence of FM blaming him publicly yesterday for NPAs.’ 
 
 
 
 
 
 
 
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 AAP: ‘Demonetisation was just a move to benefit cronies.’ 
 
 
 
 
 
 
 
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 P. <keyword id="6362104" type="LOCATION" weightage="20" keywordseo="chidambaram">Chidambaram</keyword>: ‘Saddened, not surprised’ 
 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/reserve-bank-of-india-governor-urjit-patel-resigns-citing-personal-reasons/articleshow/67026294.cms">Reserve Bank Of India Governor Urjit Patel Resigns Citing ‘Personal Reasons’</a> <a href="https://www.businessinsider.in/question-of-autonomy-as-the-indian-government-tries-to-strong-arm-the-countrys-central-bank-its-governor-threatens-to-resign/articleshow/66446649.cms">Question of autonomy — As the Indian government tries to strong arm the country’s central bank, its governor threatens to resign</a> <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a>

Twitter erupts with reactions on Urjit Patel’s resignation from the Reserve Bank of India

P.Chidambaram and his <keyword id="547606" type="ORGANIZATION" weightage="80" keywordseo="interim-budget">interim budget</keyword> have been the talk of the town since the past few days. He has announced a reduction in excise duties of vehicles including hatchbacks, sedans and SUV’s. As a result multinational car companies present in India have started reducing prices of their respective 4-wheelers. 
 <keyword id="159682" type="COMPANY" weightage="100" keywordseo="Volkswagen-India">Volkswagen India</keyword> announced today that after the statement of the interim budget and cut in excise tax, they too have reduced prices of their line-up of cars. Prices for the Volkswagen Polo have been reduced by Rs 18,000-Rs 31,000, while Vento’s prices have been reduced by Rs 14,500-Rs 27,000. Jetta prices have been reduced by Rs 38,000-Rs 51,000. 
 “We welcome the Government’s decision to reduce <keyword id="6356916" type="UNKNOWN" weightage="40" keywordseo="excise-duty">excise duty</keyword> on cars and we at Volkswagen have decided to pass on the entire benefit to our customers. We hope this move will help improve the market sentiment in the automotive industry,” said Mr. <keyword id="103787" type="PERSON" weightage="40" keywordseo="Arvind-Saxena">Arvind Saxena</keyword>, Managing Director, Volkswagen Passenger Cars. 
 
This price cut by Volkswagen India is one of the first to come in the line-up of price reduction across car makers. This seems like a good opportunity for consumers to purchase their dream cars. Volkswagen has also announced that all reductions have been carried out and the new prices are live from today.

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Farmers need thousands of market and not one, says former Finance Minister

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India’s BJP-led government has released a set of revised GDP data that dramatically reduces growth during the previous administration’s tenure

Dilsher Dhillon

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PTI

Twitter erupts with reactions on Urjit Patel’s resignation from the Reserve Bank of India

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Volkswagen India Cuts Prices After Excise Reduction By Finance Minister

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